Equal Credit Opportunity Act (ECOA)
Definition of "Equal Credit Opportunity Act (ECOA)"
U.S. law making it illegal to discriminate when giving credit based on factors such as race, religion, color, age, national origin. A lender must respond to credit applications within 30 days. If the application is denied, reasons must be given. The purpose of this law was to assure that lenders would not treat one group of applicants more favorably then other group except for reasonable and justifiable business reasons. Strict rules have in all aspects of a credit transaction including that dealing with the purchase or real estate.
Popular Real Estate Terms
Continuous beam on top of supporting walls, usually constructed of concrete and often having steel rods for additional strength placed within it. Supplies lateral support as well as ...
Legal contract with a property owner empowering a real estate agent in selling, leasing, or mortgaging the principal's property. A listing has a legal description of the property, is valid ...
Rights, interest, and benefits inherent in the ownership of real estate, as distinguished from personal property ...
Expenditures pay by the owner of house to keep and maintain it including real estate taxes, interest on a mortgage, repairs and maintenance, and capital additions (e.g., new roof, new ...
An individual for whom a court has awarded a financial judgment against a debtor. For example, a court award makes Smith a judgment creditor against Cole for $2,000. ...
A public area, or plaza with a series of walkways permitting pedestrians easy access to shops, stores and restaurants. Modern malls are often enclosed enabling all weather access. Malls are ...
Formal, written, unconditional promise to pay on demand or at a future date a definite sum of money. The person signing the note and promising to pay is called the maker of the note. The ...
Provision of the Internal Revenue Code applying to gains from the sale of personal property subject to depreciation. In most cases, the gains are at the capital gains tax rate limited to ...
Roof design having two different pitches. See also gambrel roof. ...
Have a question or comment?
We're here to help.